S. 3419 · 116th Congress
SALE Act of 2020
- Stage
- In committee
- Sponsor
- Jim Inhofe
- Introduced
- 2020-03-09
- Latest action
- 2020-03-09 · Introduced in Senate
Summary
Securing All Livestock Equitably Act of 2020 or the SALE Act of 2020
This bill requires all livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock to be held by the dealer in a trust until all unpaid cash sellers of the livestock have been paid.
The bill exempts from the requirement any dealer whose average annual purchases of livestock do not exceed $100,000.
The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.